According to AM GM inequality
$$\frac{\left(x^3-\frac{1}{x}-\frac{1}{x}+\frac{2}{x}\right)}{4}\ge\left[(x^3)\left(-\frac{1}{x}\right)\left(-\frac{1}{x}\right)\left(\frac{2}{x}\right)\right]^\frac{1}{4}$$
$$\Rightarrow x^3 \ge 2^\frac{9}{4}\;\;\;\;;\; \forall\; x\in \mathbb R^+ $$ which is not true
Your use of the AM-GM is equivalent to saying something like $$\frac{2 + (-1) + (-1)}{3} \ge \sqrt[3]{2(-1)(-1)}.$$ It doesn't work because we require each term to be a nonnegative real number.